Analyst George aka Crypto Rus commented in his latest analysis video that the market is currently in trouble. Bitcoin surged to $67,000 at one point but quickly fell back to $65,500, suggesting some volatility. However, he said that despite these fluctuations, Bitcoin has remained strong, with the price reaching $72,000 10 days ago. However, the situation of altcoins is more worrying.
The analyst revealed that he checked his portfolio for the first time in weeks and noticed that altcoins fell sharply compared to Bitcoin. Bitcoin's dominance has increased, and many altcoins, including popular coins such as Solana, Avalanche, Polygon and Chainlink, are falling sharply. Even projects in the fields of artificial intelligence and gaming have seen declines.
George advises against abandoning altcoins, but notes that now is not an ideal time to convert Bitcoin into altcoins. Historically, altcoin peak seasons occur at the end of market cycles. He noted that in the last cycle, although Bitcoin performed well, altcoins did not see a significant rise until the end of 2021.
Currently, he believes that now is a good time to buy stablecoins with dollar-cost averaging (DCA) as many altcoins are expected to recover. However, he warned that despite the potential for altcoins to rise in the future, it may not be wise to convert Bitcoin into altcoins at this time.
“Bitcoin’s fundamentals are solid and the market downturn is expected to pass”
Given the recent Bitcoin halving event, analysts predict that Bitcoin will begin to show an upward trend after September. Factors such as potential interest rate cuts, the launch of Bitcoin spot ETFs, and the upcoming elections may all drive this trend. Until then, Bitcoin's dominance may continue to rise, while altcoins may struggle.
He added that unlike Bitcoin, when you hold assets like altcoins, their value could drop significantly if Bitcoin’s dominance rises. This means that the value of your overall portfolio in terms of Bitcoin could drop, which is frustrating. The main reason to hold altcoins is to outperform Bitcoin so that you can add Bitcoin to your portfolio without additional outlays. People often invest in meme coins because of fear of missing out and because they can offer impressive returns.
He believes that Bitcoin will eventually hit new highs, possibly reaching $70,000 or $73,000 soon. However, he sympathizes with those who have invested heavily in altcoins and meme coins, acknowledging that they are currently facing difficulties.
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